This course is an introduction to the study of the forces of supply and demand that determine prices and the allocation of resources in markets for goods and services, markets for labor, and markets for natural resources. The focus is on how and why markets work, why they may fail to work, and the policy implications of both their successes and failures. The course focuses on developing the basic tools of microeconomic analysis and then applying those tools to topics of popular or policy interest such as minimum wage legislation, pollution control, competition policy, international trade policy, discrimination, tax policy, and the role of government in a market economy.

Class Format: lecture/discussion

Requirements/Evaluation: problem sets, quizzes, short essays, two midterms, final exam; Schmidt's section in the fall will have two midterm exams

Additional Info: this course is required of Economics and Political Economy majors and highly recommended for those non-majors interested in Environmental Studies and Women's, Gender and Sexuality Studies

Additional Info2:

Prerequisites: none

Enrollment Preference:

Department Notes: the department recommends students follow this course with ECON 120 or with a lower-level elective that has ECON 110 as its prerequisite; students may alternatively proceed directly to Intermediate Microeconomics after taking this introductory course